Many individuals find they are drowning in debt. For some, keeping up with the Joneses has put them in this situation, yet for others, it is medical bills and unexpected expenses beyond their control. Regardless of why a person now owes more than they can pay, Attorneys in Glendale AZ can be of great assistance when bankruptcy is the desired resolution to money issues. Although bankruptcy laws have been tightened over the years, many people find they qualify for relief under the law. This is one option every debtor should consider to reset their financial situation.
Chapter 7 bankruptcy remains the preferred choice of individuals who wish to get out of debt quickly. With this option, most debts will be wiped clean right away. Assets must be sold, as directed by law, to discharge the debts, but individuals do get to keep certain items. It is a good idea to speak to Attorneys in Glendale AZ to figure out what items must be sold, what may be kept, what debts can be discharged and which the debtor will still be required to pay. This differs in each situation, thus it is better to seek legal guidance to obtain accurate information.
Chapter 13 bankruptcy, in contrast, offers a means for a person to repay the debt over a period of time. With this option, people find they are able to keep property they own if this is desired. The debt plan covers a period of three to five years and debtors pay either a portion or all of the debt during this time period. This option is good for individuals who have a home in foreclosure, those who have missed mortgage or car payments, those who owe back taxes and more. At the end of the plan, any debt that remains will be discharged. Speak to an attorney to determine how much will need to be repaid, as there is a formula for determining this amount.
Asheton B Call, an Arizona attorney, assists clients looking to file bankruptcy for debt relief. Mr. Call works directly with clients to determine which option meets their needs. Visit the Site to learn more about debt relief and bankruptcy options so you can move forward with life without debt hanging over your head.
